Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Legal Technology Laboratory: Exploring Computable Contracts

UMKC CLE, June 2020

  • Be the first to comment

  • Be the first to like this

Legal Technology Laboratory: Exploring Computable Contracts

  1. 1. 12/06/2020 1 LTLLegal Technology Laboratory Exploring Computable Contracting Kansas City CLE, 15 June 2020 LTL The Legal Technology Laboratory LTLLegal Technology Laboratory LTL Portfolio: Key Technology Areas LTL Prototyping Projects Automated Document Creation Blockchain Enabled Smart Contracts Legal Specification Languages and Legal Ontology Engineering Intelligent Legal Compliance Legal / Regulatory Process Reengineering Data Analytics
  2. 2. 12/06/2020 2 LTLLegal Technology Laboratory Innovation Landscape for Contracting Technologies Automated Document Creation Blockchain Enabled Smart Contracts Legal Specification Languages and Legal Ontology Engineering Data Analytics Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS NATURAL LANGUAGE, UNSTRUCTURED IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION AUTOMATED DOCUMENT ASSEMBLY SYSTEMS COMPUTABLE CONTRACTS EASY FOR HUMANS TO UNDERSTAND AND GENERATE, BUILT USING DOMAIN-SPECIFIC LANGUAGES CONTRACT AUTOMATION SYSTEMS CONTRACT LIFECYCLE MANAGEMENT, AI, SMART CONTRACTS LTLLegal Technology Laboratory Selected Examples of Contracting Technologies Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION COMPUTABLE CONTRACTS CONTRACT AUTOMATION SYSTEMS Semi-Automated Contract Assembly (Lawgood)
  3. 3. 12/06/2020 3 LTLLegal Technology Laboratory Selected Examples of Contracting Technologies Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION COMPUTABLE CONTRACTS CONTRACT AUTOMATION SYSTEMS Contract Lifecycle Management System (Cobblestone) LTLLegal Technology Laboratory Selected Examples of Contracting Technologies Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION COMPUTABLE CONTRACTS CONTRACT AUTOMATION SYSTEMS Smart Contracts – Linked Contracts and Code
  4. 4. 12/06/2020 4 LTLLegal Technology Laboratory Selected Examples of Contracting Technologies Smart Contract with ‘Graphical’ Interface (Ethereum) Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION COMPUTABLE CONTRACTS CONTRACT AUTOMATION SYSTEMS LTLLegal Technology Laboratory Selected Examples of Contracting Technologies Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION COMPUTABLE CONTRACTS CONTRACT AUTOMATION SYSTEMS Controlled Natural Language (Lexon)
  5. 5. 12/06/2020 5 LTLLegal Technology Laboratory Selected Examples of Contracting Technologies Increasing Human Understandability and Usability of Contracts TRADITIONAL CONTRACTS IncreasingComputer UnderstandabilityofContracts CONTRACT STANDARDISATION COMPUTABLE CONTRACTS CONTRACT AUTOMATION SYSTEMS Graphical Representation of Contracts (Creative Commons) LTLLegal Technology Laboratory • Contracts of the future will integrate different forms of knowledge representation: • high-level languages including ‘controlled natural language’, • annotated natural language (with metadata and defined fields), and • graphical interfaces (also for defining legal processes). • Contract design applications (and wizards) will offer intelligent guidance for the creation of contracts. Therefore, rather than ‘thinking like coders’, perhaps it is ‘thinking like designers’ that will describe key skills for lawyers of the future. • Computable contracting solutions will emerge as industry-specific solutions, and teams of law and computer science students could be engaged to help make these new contracts a reality. For Discussion

×